Buyer Tour
PREPARED FOR
Westwood Homes Open House January 6th, 2013 JANUARY 6, 2013
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
LIS
Map of All Listings
MLS #
Status
Addr Address ess
Price
1
12628799
Active
1457 COMSTOCK AVE, Los Angeles
$1,975,000
2
12632419
Active
218 S THURSTON AVE, Los Angeles
$1,295,000
3
SR13001842
Active
10322 Ilona Avenue, Los Angeles
$1,199,999
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #1
Property Details 1457 COMSTOCK AVE, Los Angeles
$1,975,000
LISTING INFORMATION
Courtesy of Real Estate West, Inc
MLS#: 12628799
Beds: 3
Sq Ft: 2,500
List Date: Oct 8, 2012
Status: Active
Baths: 2/1
Year Built: 1925
DOM: 90
FEATURES Status details details: Active; Zoning Zoning: LAR1; CDOM CDOM: 90; Lot description description: Back Yard,Fenced,Fenced Yard,Lot Shape-Irregular; TB map code code: 632D2; Appliances Appliances: Dishwasher,Garbage Disposal; Interior Interior: CathedralVaulted Ceilings,Laundry - Closet Stacked; Floors Floors: Carpet,Hardwood,Tile (N); Cooling Cooling: Other; Heating Heating: Central Furnace; Exterior Exterior: Stucco; Kitchen Kitchen: Stone Counters; Pool Pool: Private Pool; Roof Roof: Composition; View iew: City Lights View,Pool View,Tree Top View; Patio Patio: Patio Open; Cr Cross oss str streets eets: BEVERLY GLEN/ SANTA MONICA BLVD; Lotsize Lotsize: 11500; REMARKS Comstock Hills. 3 bed 2.5 ba plus an office. Detached 347 sf pool house with a bathroom. Huge flat backyard.Great potential, Great location. Hardwood floors. 2nd floor addition is the master bedroom. Balcony with a pool view. Very private home situated high on a knoll. Downstairs is bright with French doors opening to the brick patio/pool. Mature trees. Huge fireplace in the living room. Step down den with balcony. Kitchen with granite countertop. Laundry closet in kitchen.
Information is deemed reliable but not guaranteed.
Source: CARETS_CLAW
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #1
Buyer Comments
1457 COMSTOCK AVE, Los Angeles
$1,975,000
LISTING INFORMATION
Courtesy of Real Estate West, Inc
MLS#: 12628799
Beds: 3
Sq Ft: 2,500
List Date: Oct 8, 2012
Status: Active
Baths: 2/1
Year Built: 1925
DOM: 90
How do you rate this pr property? operty? Comments:
Information is deemed reliable but not guaranteed.
Source: CARETS_CLAW
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #1
Listing Photos 1457 COMSTOCK AVE, Los Angeles
$1,975,000
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #1
More Listing Photos 1457 COMSTOCK AVE, Los Angeles
$1,975,000
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
CO
Area Schools 1457 COMSTOCK AVE, Los Angeles School Sinai Akiba Academy
$1,975,000 Type
Phone
Distance
Private/K-8
(310) 475-6401
0.41 mi
Fairburn Avenue Elementary School
Public/K-5
(310) 470-1344
0.57 mi
El Rodeo Elementary School
Public/K-8
(310) 229-3670
0.68 mi
Alt./9-12
(310) 551-5100
0.77 mi
Public/K-5
(310) 475-5893
0.84 mi
Beverly Hills High School
Public/9-12
(310) 229-3685
0.88 mi
St Paul The Apostle School
Private/K-8
(310) 474-1588
1.09 mi
Public/6-8
(310) 234-3100
1.11 mi
Private/PK,K-8
(310) 275-8601
1.12 mi
Charter/K-5
(310) 474-7788
1.2 mi
Moreno High (Continuation) High School Warner Avenue Elementary School
Ralph Waldo Emerson Middle School Good Shepherd Catholic School Westwood Elementary School See more information on Los Angeles schools from Education.com. ŠEducation.com, Inc. 2010. Use is subject to Terms of Service.
Data provided by
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
CO
Area Restaurants 1457 COMSTOCK AVE, Los Angeles Name
$1,975,000 Type
Distance
Pomodoro Trattoria
Italian
1.19 mi
Totoraku
Japanese
1.41 mi
Spago
American (New)
1.52 mi
Tagine
Moroccan
2.32 mi
Awash Restaurant
Ethiopian
3.13 mi
Animal
American (New), Steakhouses
3.72 mi
Carlitos Gardel Restaurant
Argentine, Steakhouses
3.74 mi
Angelini Osteria
Italian
4.36 mi
Genwa Korean Bbq
Korean, Barbeque
4.72 mi
MĂŠlisse
French, Seafood
4.72 mi
Providence
American (New), Seafood, Asian Fusion
5.54 mi
Soowon Galbi KBBQ Restaurant
Korean, Barbeque
7.58 mi
Rating 384 reviews 127 reviews 793 reviews 385 reviews 187 reviews 1728 reviews 305 reviews 702 reviews 879 reviews 533 reviews 1244 reviews 1122 reviews
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #1
Property Details 218 S THURSTON AVE, Los Angeles LISTING INFORMATION
$1,295,000 Courtesy of Coldwell Banker-BH North
MLS#: 12632419
Beds: 2
Sq Ft: 2,187
List Date: Oct 29, 2012
Status: Active
Baths: 2.00
Year Built: 1938
DOM: 69
FEATURES Status details details: Active; Zoning Zoning: LAR1; CDOM CDOM: 69; Number of units units: 1; Spa Spa: Private Spa; TB map code code: 631H1; Water ater: District/Public (N); Appliances Appliances: Dishwasher,Electric Dryer Hookup,Gas Dryer Hookup; Interior Interior: Bar; Floors Floors: Carpet,Wood; Cooling Cooling: Air Conditioning,Central A/C; Heating Heating: Central Furnace; Pool Pool: Heated,Private Pool; Roof Roof: Composition; View iew: No View; Lotsize Lotsize: 5051; REMARKS This Pristine Storybook Traditional greets you with a sunny front porch & mature landscaping. The Center Hall plan in this one story home leads to large living, dining, & family rooms. Huge cook's kitchen with eat-in breakfast bar, skylight & loads of storage. Light & bright master bedroom with ensuite vanity & bath. Master suite French doors open to private backyard deck, pool & spa. Generous 2nd bedroom. Hardwood floors thruout. Cozy den with bar, gas grill, fireplace, wood paneling & built-in bookshelves. Inside laundry room. 3 skylights, lots of storage space in the attic plus huge hallway storage. 2 car garage with storage room. Friendly, walking neighborhood. Warner Ave Elementary School.
Information is deemed reliable but not guaranteed.
Source: CARETS_CLAW
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #1
Buyer Comments
218 S THURSTON AVE, Los Angeles LISTING INFORMATION
$1,295,000 Courtesy of Coldwell Banker-BH North
MLS#: 12632419
Beds: 2
Sq Ft: 2,187
List Date: Oct 29, 2012
Status: Active
Baths: 2.00
Year Built: 1938
DOM: 69
How do you rate this pr property? operty? Comments:
Information is deemed reliable but not guaranteed.
Source: CARETS_CLAW
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #1
Listing Photos 218 S THURSTON AVE, Los Angeles
$1,295,000
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #1
More Listing Photos 218 S THURSTON AVE, Los Angeles
$1,295,000
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
CO
Area Schools 218 S THURSTON AVE, Los Angeles
$1,295,000
School
Type
Brentwood School
Private/K-12
(310) 476-9633
0.57 mi
Archer School For Girls
Private/6-12
(310) 873-7000
0.69 mi
Community Magnet Charter Elementary School
Charter/K-5
(310) 476-2281
0.73 mi
St Martin Of Tours Elementary School
Private/K-8
(310) 472-7419
0.94 mi
John Thomas Dye School
Private/K-6
(310) 476-2811
1.13 mi
Marymount High School Los Angeles
Private/9-12
(310) 472-1205
1.3 mi
Brentwood Science Elementary School
Magnet/K-5
(310) 826-5631
1.63 mi
Kenter Canyon Elementary School
Charter/K-5
(310) 472-5918
1.71 mi
University Senior High School
Public/8-12
(310) 914-3500
1.77 mi
St Sebastian School
Private/1-8
(310) 473-3337
1.8 mi
See more information on Los Angeles schools from Education.com. ŠEducation.com, Inc. 2010. Use is subject to Terms of Service.
Phone
Distance
Data provided by
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
CO
Area Restaurants 218 S THURSTON AVE, Los Angeles Name
$1,295,000 Type
Distance
The Restaurant at the Getty Center
American (New)
0.81 mi
Pomodoro Trattoria
Italian
1.67 mi
Totoraku
Japanese
3.07 mi
MĂŠlisse
French, Seafood
3.61 mi
Spago
American (New)
3.79 mi
La Botte Ristorante
Italian
4.0 mi
Tagine
Moroccan
4.59 mi
Awash Restaurant
Ethiopian
5.49 mi
Carlitos Gardel Restaurant
Argentine, Steakhouses
5.82 mi
Animal
American (New), Steakhouses
5.87 mi
Angelini Osteria
Italian
6.57 mi
Providence
American (New), Seafood, Asian Fusion
7.69 mi
Rating 179 reviews 384 reviews 127 reviews 533 reviews 793 reviews 272 reviews 385 reviews 187 reviews 305 reviews 1728 reviews 702 reviews 1244 reviews
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #S
Property Details 10322 Ilona Avenue, Los Angeles
$1,199,999
LISTING INFORMATION
Courtesy of Cobalt Realty Group
MLS#: SR13001842
Beds: 3
Sq Ft: 1,728
List Date: Jan 4, 2013
Status: Active
Baths: 2.00
Year Built: 1936
DOM: 2
FEATURES Status details details: Active; CDOM CDOM: 2; Number of units units: 1; Lot description description: Curbs,Sidewalks,Back Yard,Front Yard; Water ater: Water District,Public; Floors Floors: Ceramic Tile,Hardwood; Cooling Cooling: None; Pool Pool: No Pool; Roof Roof: Tile; View iew: Courtyard View; Cr Cross oss str streets eets: see map; Lotsize Lotsize: 6773; Acr Acres es: 0.155; REMARKS ** Welcome Home ** Standard sale opportunity. Home features 3 bedrooms, 2 baths, 1,728 finished sq ft. Highly sought after area, close to everything, great schools (Westwood Charter Elementary School). Original 1930's Spanish architectural style with a large recent addition. Hardwood and tile floors, arched doorways, private courtyard. Some remodeling done, some cosmetic work still needed. Great wood burning fireplace in the formal living room. Fenced rear yard with a patio and deck for entertaining & grilling. Gated, off street attached parking. In this market it won't last long.
Information is deemed reliable but not guaranteed.
Source: CARETS_CRISNET
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #S
Buyer Comments
10322 Ilona Avenue, Los Angeles
$1,199,999
LISTING INFORMATION
Courtesy of Cobalt Realty Group
MLS#: SR13001842
Beds: 3
Sq Ft: 1,728
List Date: Jan 4, 2013
Status: Active
Baths: 2.00
Year Built: 1936
DOM: 2
How do you rate this pr property? operty? Comments:
Information is deemed reliable but not guaranteed.
Source: CARETS_CRISNET
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #S
Listing Photos 10322 Ilona Avenue, Los Angeles
$1,199,999
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
ML #S
More Listing Photos 10322 Ilona Avenue, Los Angeles
$1,199,999
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
CO
Area Schools 10322 Ilona Avenue, Los Angeles School Le Lycee Francais de Los Angeles-Century City Elementary School
$1,199,999 Type
Phone
Distance
Private/K-1
(310) 553-7444
0.15 mi
Private/PK,K-8
(310) 474-1811
0.38 mi
Public/K-6
(310) 838-7308
0.84 mi
Public/9-12
(310) 229-3685
0.95 mi
Moreno High (Continuation) High School
Alt./9-12
(310) 551-5100
0.97 mi
Yeshiva University Of High School Of La
Private/9-12
(310) 229-0936
1.01 mi
Notre Dame Academy Girls High School
Private/9-12
(310) 839-5289
1.05 mi
Westwood Elementary School
Charter/K-5
(310) 474-7788
1.08 mi
Notre Dame Academy Elementary School
Private/K-8
(310) 287-3895
1.11 mi
Private, Special Education/PK,K-12
(310) 836-1223
1.18 mi
St Timothy School Overland Avenue Elementary School Beverly Hills High School
Vista School See more information on Los Angeles schools from Education.com. ŠEducation.com, Inc. 2010. Use is subject to Terms of Service.
Data provided by
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
CO
Area Restaurants 10322 Ilona Avenue, Los Angeles Name
$1,199,999 Type
Distance
Totoraku
Japanese
0.58 mi
Pomodoro Trattoria
Italian
1.59 mi
Spago
American (New)
1.62 mi
Tagine
Moroccan
2.22 mi
Awash Restaurant
Ethiopian
2.56 mi
Animal
American (New), Steakhouses
3.7 mi
Carlitos Gardel Restaurant
Argentine, Steakhouses
3.82 mi
Angelini Osteria
Italian
4.22 mi
Genwa Korean Bbq
Korean, Barbeque
4.33 mi
MĂŠlisse
French, Seafood
4.69 mi
Providence
American (New), Seafood, Asian Fusion
5.42 mi
Soowon Galbi KBBQ Restaurant
Korean, Barbeque
7.09 mi
Rating 127 reviews 384 reviews 793 reviews 385 reviews 187 reviews 1728 reviews 305 reviews 702 reviews 879 reviews 533 reviews 1244 reviews 1122 reviews
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
INF
The Homebuying Process There are eight major steps you will take when you buy a home: Get pr prequalified equalified - Your lender will look at your income, credit scores, revolving debts, obligations such as child support as well as the type of loan you choose. Other factors that impact how much home you can buy is the down payment; smaller down payments mean higher monthly payments. Last, the interest rate and terms (30-year, fixed or adjustable rate) will determine what you can afford in monthly payments. Make your wish list - Decide where you want to live and how many bedrooms and baths you’ll need. Consider lifestyle - condominiums offer shared amenities, with little responsibility. Single-family homes offer more space and privacy, but much more exterior and yard maintenance. Hir Hire e a rreal eal estate pr professional ofessional - Your real estate professional should be expert in the area where you want to live and familiar with the type of home you want to buy. Your agent has house-by-house experience in your neighborhood and can offer the best advice on homes in your range. Select your home - No home is perfect, so don’t let minor flaws influence you. Think long-term. Which home best suits the activities and needs of your household now and in the years ahead? Don’t buy more than you need or can comfortably afford. Make an of offer fer - Your offer depends on the current market. If a home has been on the market a long time, you can ask the seller for a price reduction, but if it’s new on the market, the seller is unlikely to accept a low offer. Ask your real estate professional for advice. Get an inspection - A home inspection is a professional third-party opinion of the home’s condition. The inspector will point out the age of systems, and large and small repairs that are needed, so you’ll know what you’re facing as the next owner. Get an appraisal - The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, the bank will refuse to make the loan unless you renegotiate with the seller. If it appraises, the lender will move toward closing. Go to closing - Once final negotiations are complete, the parties to the transaction meet at the escrow office. This could be a title company, real estate attorney, or whatever is customary in your area. All paperwork is signed by both parties. The lender pays the seller, minus any liens against the home such as the seller’s mortgage. Once all the disbursements have been made, you get the keys to your new home, according to your agreement. Congratulations! You’re ready to move into your new home.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
INF
Making an Offer Before you submit an offer, have your agent pull up the most recent sold comparables (CMA) within a reasonable radius of the home, so you can compare the home fairly in terms of location, size, features, and amenities. Next, ask your agent about market conditions, so you can choose a strategy. • In a buyer’s market, discounts are common because there are fewer buyers, more properties for sale, and home prices are soft or falling. • In a seller’s market, homes sell quickly for full price or higher because there are plenty of buyers and few homes for sale. Whether you are in a buyer’s market or a seller’s market, your goal is to buy the home at a fair price. If you were the seller, what is the lowest possible price you’d accept? Low-balling the seller is risky. If the seller feels insulted by your offer, you’ve lost the opportunity to negotiate. On the other hand, some sellers are simply unrealistic about their home’s value. Maybe your offer will be their wakeup call. If the seller’s home is offered at a reasonable price, pay asking price or close to it. A home priced to sell will sell quickly. Is there a way to sweeten your offer with a quick closing or an all-cash sale? To show the seller you’re serious, include a copy of your lender’s pre-approval letter, along with a cover letter summarizing your strengths as a buyer in terms of creditworthiness, flexibility in closing, and why you love this home. Include a copy of your comparables to show why you feel your offer is a fair price for the property. If your offer is conditional, such as your need to sell another home before closing on the seller’s, you’ll have to find a way to sweeten the deal, such as a full-price offer. Few sellers would accept a discount and a contingency at the same time. Your real estate professional will help you draft the offer with a price, estimated closing date, and terms, including earnest money (a guarantee that you’ll perform as a buyer in good faith), final approval by your lender, and your right to have an inspection. Once your offer is negotiated and accepted, your earnest money will be sent to the escrow agent's office. Now the inspections occur, and this is where the contract negotiations can break down. During the inspection process, the inspector will tell you about the condition of appliances, heat and cooling systems, roofs, electrical and plumbing systems, etc, and if your future home is up to current city codes. You should only renegotiate a repair when it wasn’t obvious before, or when a system is unsafe or not functioning. Once the seller has agreed, your offer is now a binding contract, and you’ll proceed to closing.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
INF
Your Down Payment Lately, it’s been in the news that credit is tight, but if you believe that you need 20% down and perfect credit to buy a home, you may have good news coming. Loans are available with as little as zero down through the Veterans Administration, for veterans and active-duty military. FHA has programs as low as 3.5 percent down for qualifying borrowers who buy within maximum loan limits, up to $625,000. Borrowers with less than perfect credit can get loans as well. Higher credit scores help qualify borrowers for better rates. For example, if you have a credit score of 720 or better, you can buy a home through FHA with 10% down. The rule of thumb is simple – less money down requires a higher credit score and vice versa. A down payment is simply your way of showing the lender that you are willing to risk your money to buy the home you want. The larger the down payment, the more likely the lender is to make the loan. The credit score will tell you how much money you have to put down; it’s a factor in your interest rate. If you put 20 percent down, you can get a loan even if you have a low credit score of 580 or 620. If you have a 740 or 760, the lender will go with less money down. It also matters where the down payment money is coming from. Lenders expect first-time buyers to get help from family to buy a home, so there may be limits to the size or percentage of the down payment gift that the lender will allow. Down payment assistance can also come from grants. The FHA no longer allows seller-assisted down payments, but does provide a link to national organizations that may be of help. Also, check your local housing authority to see if there are grants available in your area. Talk to your lender before you make an offer. Get prequalified, and be up front about the source of your down payment money. A good lender will explain the true costs of borrowing to you so you can comfortably afford the home you want as well as the monthly payments.
Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942
INT
Contact Me Scott McIntosh Coldwell Banker DRE Number 01759826 Mobile
310-500-6107
Web
www.scott-mcintosh.com
scott@scott-mcintosh.com
Blog
www.thewestwoodblog.com
http://www.facebook.com/ agentscott
https://twitter.com/#!/ theagentscott
http://www.linkedin.com/in/ agentscott
Address
11999 San Vicente Blvd. Suite 100, LA CA 90049
Office
310-979-3942
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Scott McIntosh | Coldwell Banker | DRE Number: 01759826 | Mobile: 310-500-6107 | www.scott-mcintosh.com | scott@scott-mcintosh.com | www.thewestwoodblog.com | 11999 San Vicente Blvd. Suite 100, LA CA 90049 | Office: 310-979-3942